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to avoid the fiscal cliff as the government starts taking steps to buy more time before the u.s. hits the debt ceiling. the yen hits a two-year low against the dollar as the new japanese government battles to weaken currency. exports are rising, pushing the nikkei to its strongest gain in 20 years. .shares of toyota are heading higher after the u.s. settled a class action lawsuit. the $1 billion payment is already priced in. okay. welcome to "worldwide exchange." plenty of news to watch out of washington. all of this week, we thought it would be a quiet one. but i won't be inside the beltway if they want to get something done. the u.s. will hit the $16.4 trillion debt ceiling come monday. in a letter to congressional leaders, geithner says treasury will begin taking steps to save the government about $2 billion. geithner says it's harder to predict a time frame because the ongone fiscal cliff talks make it difficult to forecast next year's budget. among the measures treasury will take including suspending state and local government securities and investments in the federal employee pe
go into effect. those come in gradually and they could come in more gradually if the government officials thought there was going to be a deal and they better hold off. the real uncertainty i think is what the markets will do. we look like a country that isn't in control of its own destiny, because we're acting that way right now. if you're an investor, whether you're in some part of the united states or you're in some other part of the world, do you really want to buy american securities? do you want to invest in a country whose government isn't functioning? i don't think so. we could get a big market reaction, drop in the stock market. that might scare people. >> how quickly do you -- >> but it would also be a bad thing. in itself, it would contribute to the possibility of having another recession. >> how quickly do you think we'll feel tremors from the debt ceiling now that the treasury is beginning to talk about avoiding it. >> i think we're seeing uncertainty about absolutely everything. it's cumulative, it's the debt ceiling, it's the fiscal cliff, it's what taxes are goin
a social security, medicare, medicaid. that is not the only entitlements. every government program that has a retirement benefit, a health-care benefit, those are entitlements, two, up to and including the entitlements for the congressman. let's be fair. when they start talking about entitlements and hold it to those three items, let's hold their feet to the fire and make them talk about entitlements for the other folks, too. host: appreciate you calling this morning. donna writes about this on twitter. if that to facebook here. -- back to you facebook here. budget showdown hits the keep week. that is of the front page reminding us of the deadline looming. it is a bloomberg story here out of the district. i you can watch the byplay here on the c-span that works with the president heading back to town tonight. the senate and house are due back tomorrow. billy from jacksonville, florida, to life for waiting. caller: i am very optimistic but i worry that the president will not get a chance because lindsey gramm already stated he will fight. i think there will already be another big fight for t
the government can just let people build and build and build without some sort. of sort host: thank you. guest: you make a good point, but urban development in florida occupies 10% of the state. most of the -- most of the everglades is protected by state parks. if people want to protect more land, they could buy land and put it under conservation easily, but there is plenty of land available sphere without impacting the everglades in the awkward first. to say that we should confine people to 10% of the state, when you have one of the 3 or four most heavily populated states, means you are seeing newcomers are not welcome, existing renters can not buy houses, our children cannot buy houses. that is not the american dream, to stand in the way of our future. host: the book is entitled "american nightmare -- how government undermines the dream of homeownership. this is from drake cinders -- what land use restrictions would you approve of? guest: a buy support local homeowners imposing their own -- i would support local homeowners' imposing their own restrictions. this is how it works in houston, w
the benefits of a government-insured reverse mortgage. it will eliminate your monthly mortgage payments and give you tax-free cash from the equity in your home. and here's the best part -- you still own your home. take control of your retirement today. ♪ ♪ >>> as folks dig out, the flight delays delays rack up. nearly 1300 flights canceled so far. mike tobin is at chicago's o'hare with the latest. >> when you talk about the flight cancellations, the hubs of o'hare, atlanta, did not get hit so the megaripple didn't happen. the places that you see the cancel legislations are the destination. ohio, michigan, indiana, stretching all the way to the eastern seaboard. if that city is socked in, there's where the flights are canceled. it's a serious storm. you might have mentioned six people were killed, mostly people who elected to get out on the roadways. these are states like iowa, indiana, central illinois, where more than a foot of snow came on down. all of those people who made it to destinations for christmas are trying to get home. between them and home is snow, ice, and gusts up to
're going to cut the sizeia and scope of government, perhaps we should go over the fiscal cliff so people understand government spending is out of control and may start to ask the questions being asked at the f round table and kitchen tables ofam every family white christms sales are so low. they're saying how can i make a major purchases in this economye people are cutting back and want government to do the same thing but something else is playing into why you are seeing christmas sales go so low this christmas season. a lot believe if we are going to say happy holidays perhaps those people who say it is any other holiday should support the economy as a result they are not buying the gifts they need to buy. they are talking to their families about a other things tn gifts.e. eric: stay on this a little bit, if we do go over the fiscal cliff, texas will go up. going up for every income level across the board. but down the road, is that the only way we get our fiscal house back in order? >> we're back down to the law, this is only a fe if you shouldy for massive government is unfair to thos
between 40 and $65,000 a year will have to pay an extra two grand to the government. gregg: coming up we'll talk with republican nick mulvaney whose house budget committee is obviously on the forefront of the fiscal talk. so we'll try to get the latest from him in just a moment. patti ann: meanwhile, gregg, we have new warnings from the treasury department that if a fiscal deal isn't reached our government will have to turn to extraordinary measures when the debt limit hits its ceiling. $16.4 trillion probably on monday. fox business network's stuart varney joins us now. hi, stu. you say this is the big story people aren't talking about? >> it is a sleeper issue, patti ann. on monday the government officially runs out of money and it can not borrow anymore. so it will have to shift all kind of cash around to make sure they can pay their bills and maybe they can do that for a couple of months. means you can kick the can, eight weeks be maybe, until the absolute crunch comes. there are consequences to this. it could be that america will be downgraded again. after all back in august of 2011
. and then came this moment. november 9th, big debate, here he is trying to remember the three government agencies he wants to get rid of. let's watch. >> and i will tell you, it's three agencies of government when i get there that are gone. commerce, education and the -- what's the third one there? let's see. >> five. >> oh, five. okay, commerce, education and the, um, um -- >> epa? >> epa. there you go. >> seriously, is epa the one you're talking about? >> no, sir, no, sir. we're talking about the, um, agencies of government. epa needs to be rebuilt. >> but you can't name the third one? >> the third agency of government, i would do away with education, the commerce, and let's see. i can't. the third one, i can't. sorry. oops. >> he must have had a whole lot of help. >> you can't bring notes with you, they start scribbling the notes. >> up next, the right wing's most outrageous conspiracy theories are m coing up. this is "hardball," the place for politics. [ male announcer ] what are happy kids made of? bikes and balloons, wholesome noodles on spoons. a kite, a breeze, a dunk of grilled cheese. c
who captured. what they campaigned against was spending money on government, that is what taxes are. got it? and that's hardball for now, thanks for being with us "the ed show" with ed schultz starts right now. >>> good evening, americans, welcome to the ed show. i'm michael eric dyson in for ed schultz. the president cuts his vacation short to come back to washington, d.c., meanwhile, house republicans are literally phoning it in, this is the ed show, and as ed would say, let's get to work. >> this is something within our capacity to solve. it doesn't take that much work, we just have to do the right thing. >> six days away from the fiscal cliff and there are real consequences to millions of americans if no deal is cut. congressman elijah cummings and ryan grim of the huffington post are here with the latest. a tea party giant stages a coupe with his own office. the details on dick armey's hostile takeover. the nra is catching heat from all directions. >> i don't think the nra is listening, i don't think they understand. >> georgetown university law professor, david cole on the gro
bit of fear into these people. it just shows the control the wealthy have over the government in both parties. host: more from "the washington post." they write -- back to the telephones. derrick from maryland on the line for democrats. your thoughts about the fiscal clause bill. caller: i think they will do a good deal if they can keep mitch mcconnell out of there. one of the things i really have a problem with, that is when thing i say democrats, let's get the ground game for 2014. republicansd of the at enter the house. let's take the house and just ran it all down their throats. host: we will move onto glen on the line for independents. caller: here is the problem that we have a. we have people that are working hard for the american people. we have a constitution. we have deviated from the constitution. host: who are the people working hard for the american people? caller: the american citizens. it takes two american citizens -- your mother and father have to be american citizens to be the president of the united states. we need to have a confirmation hearing. on the birth certifi
can move forward? >> well, first of all, we have to be able to govern. we have to have an adult conversation, getting people in the room who actually want to solve this problem. and i think it's very important to step back and see the fact that we have already -- there are three parts of this deficit reduction stool. we've already in the past two years passed $1.6 trillion in spending cuts. we've passed over $700 billion in savings in medicare through reforms like cutting back on overpayments to insurance companies. the one piece of this puzzle that we've not been able to get any support for is making sure that the wealthiest among us help solve this problem by being willing to pay a little bit more to be part of the solution. so we have sent a bill to the house back in july, bipartisan bill that says what -- everybody says they don't want middle-class families to have their taxes go up, well, fine. why don't we start with something we can agree on, which is that? and just pass that. why doesn't the house just pass that? but as we know, the speaker couldn't even pass his own pla
this is coming up. the government will continue to function for a couple more months. emergency measures will be used to keep the money flowing, so to speak. this is unrelated to the fiscal cliff, so it's an additional problem that everybody has to deal with. of course the worst thing is we know how horrible it was the last time the debt ceiling needed to be raised in the summer of 2011, it went down to the wire and it looked as if there was a chance the united states would not raise the borrowing limit and default. we heard talk about social security payments not going out and that kind of thing. that's all led to the first downgrade in the u.s. credit rating, the stock market tanked. that was a ugly scenario. on top of the fiscal cliff, we may go through this all over again. it's another drag on the markets and on the whole economy at exactly the wrong time. >> when you say drag, though, give us an example of what you mean. we talked about january 2nd, everybody goes back to work and markets open. are we going to see a lot of volatility. all of a sudden it crashes down at once. what ha
are most vulneble. if we're going to cut the size and scope of government perhaps we should go over the fisca cliff so people will understand government spending is out of control and may start to ask questions being asked at the kitchen tables of every family, why we see christmas sales so low. they're saying how do we make major purchases? people are cutting back in personal livesthey want got to do the same. something else is playing into christmas sales being low. christmas itse is under attack. a lot of christian conservatives believe that if we're gog to say happy holid, perhaps those that think it's any other holiday should support the economy and they're not buying the gifts they used to buy. they do christian efforts locally in churches and talk to families about other things than gifts. >> we always say merry christmas here but stay on this here. if we do go over the fiscal cliff, yes, taxes will go up. molly outlined how much for every income levelcross the board. >> very hard. >> down the road, isn't it the only way we get our fiscal house back in order? >> that's what i
to the president's desk. tracy: click and expedient. lori: the efficiency. tracy: u.s. government set to hit the legal borrowing limit on monday. 16.$4 trillion federal debt limit beginning to come down and toch congress passes legislation or defaults. treasury secretary tim traders said the treasury would begin to undertake "extraordinary measures to stave off default quote that could $3,200,000,000,000 of additional funding which would give them two more months this is creative accounting. we have many. lori: the overspending is the understatement. the bond yield is lower investors are thinking this is the safest bet stocks are falling the dow was off 100 points europe is a mess in china slows down the global economy in dire straits and we cannot stop spending there is no message in interest rates are rising as they should to prepare for another downgrade which is very concerning talking about the economic data data, consumer confidence falls over fiscal cliff uncertainty and warning the government is set to hit the legal borrowing limit by a monday. we have bill rodgers from rutgers unive
" to postpone a government default. the government is on track to hit its borrowing limit on monday, he said with no prospect of congressional action to raise the limit. here now to help us unravel what's going on is todd zwillich. he's washington correspondent for "the takeaway" on public radio international. todd, welcome back. decode this for us. are the players privately as bleak about the prospects as their public statement suggests? >> not as bleak, margaret, but bleaker than they were even a week ago and that's not terribly encouraging. the president as you reported is flying back to washington last night and some members of congress are coming back earlier than others. there will be some meetings here, there have to be some meetings between the principals and the president. there are a couple of options in the last couple of days even though it seems like five days is terribly, terribly short. there shall bills floating out there to keep tax rates where they're at for people making $250,000 and below. that could slide around. there's a senate bill that floats around. there's the pres
an actual all-time high again. anyway, among the catalysts, a new pro-business government preparing to assume leadership, incoming prime minister shinzo abe. what is it, 50,000 that it has to get to? >> 39,000 i believe is the peak. >> who's counting, right? that's a ways off. >> yeah. far away. >> shinzo abe has been putting pressure on the bank of japan to raise its inflation target in hopes of extricating the country from two decades of deflation. i guess if you just raised the target -- >> that would help. >> okay. >> it doesn't matter what your target is if you can't hit it. >> we found that out here. >>> meantime, in europe markets are closed for the boxing day holiday. seems weird to do it just for a bunch of people to -- >> box up the gifts and return them. >> it's not a -- >> bad, i know. >> it is boxing. what kind of boxing are we -- boxer rebellion? >> i've never understood boxing day. >> we have to look it up. >> i literally have no idea. >> or it's on google. no, is there anything on google that is different? let me see. just a regular -- >> is there their our way to fi
also want to see hiring happening and that's where that government jobs report that we focus on once a month, that's where that comes into play. we're going to get the next one next week, that government jobs report and the big worry, carol, that's hanging over all of this is the fiscal cliff. although we're still in the middle of wondering what congress is going to do about it, companies are already holding back hiring so that is clearly impacting the jobs market but the good news once again is the layoffs are slowing, down 12,000 to 350,000 last week. carol? >> thank you very much, washington. alison kosik thank you so much. >>> growing outrage over the decision of a new york newspaper to publish a map with the names and addresses of people who have gun permits. the interactive map was created with information available publicly. it pinpoints the location of legally licensed permit holders for handguns. we reached out for a statement from the newspaper, it sent us this, "the massacre in newtown, connecticut, remains at top-of-mind for many of our readers. or readers are understanda
. if it cannot abe future that is 100% in accordance with its core beliefs and principles that's not governing. that's lobbing hand grenades. if you are only stabbeding on principle to appear taller, then you appear smaller, and the gop is shrinking daily before our eyes. if leadership casting vision, calling all your people to rise up, and we just watched what happened with lan b and speaker boehner trying to call his people to rise up, and you say his leadership really not in question unless paul ryan really wants it. do you think that people having these types of perspectives, like a mark mckinnan, that doesn't really ring true coming into the new year for speaker boehner. >> look, the problem for republicans and for moderate republicans like mark mckinnan is most of the people in the house are not of the mark mckinnan stripe. these are people who are from districts where they've won with 60% of the vote or more. the majority of them. the majority of their constituents don't want them to compromise on things that they find important like taxes. why someone like mitt romney winds up getting
day pain relief with just two pills. >>> look, look. >> this is syria today. government war plains bombed the city of homs. it happened in alep powe as well. at least 80 people are reported dead across the country today. air strikes like these or in street fighting. these twin boys were among the 160 people killed in syria yesterday. it is so tragic. this is where they died. the man who shot this video said that syrian military artillery hit their home. it happen add few miles from where more than a hundred civilians died in a government air strike just a few days ago. >>> a man sent to syria to try to negotiate the end to the civil war says it could be over in a come of months. he's meeting with both sides in damascus, the rebels as well as the leaders. he speaks for thenited nations, not just syria. >> translator: some say i have come here to market a russian american project. i wish i could. there is no russian american problem so hence i did not come to market it. >> i want to bring in richard ross. brahimi is somebody who's very well respect bud somebody who's optimistic. when
. you know just despite the court is saying the government has not backed down and was within the last few hours and saying the law will be tree ree drafted to con forp with the court's ruling. nevertheless, there is spill widespread support for this tax. they are planning to speak in belgium and wealthy entrepreneurs have moved to countries in the region that have lower taxes. today's decision could delay those departures for the time being. >> gregg: katherine, live in paris, thanks very much. >> the president may want to check out the laffer curve before he rewrites that law. when people flee or stop working that is the laffer curve. >> arthel: your french reporter was there, how about this, you got plans for new year's eve. >> gregg: that is impressive. >> it starts at 11:00 p.m. eastern and megyn kelly and bill hemmer will bring you the event live in times square and new york city. you can be a part of the broadcast by texting your happy new year's messages to the show. here how you do it. you type the the u text, got it. type a space and ascend brief message. utext space and your
overseas. that's right i heard me right. there are reports that syria may have used a separate government air strike that killed dozens of people waiting outside a bakery yesterday. they may have used chemical weapons for that. what may be more troubling is the report of seven others killed in an area currently controlled by the rebels when they inhaled an apparently poisonness gas sprayed by the syrian army. president obama had already declared that there is a red line regarding the use of chemical weapons on the syrian people. so now there are growing questions as to what if anything the u.s. cou should do if we are forced to respond. bob scales is a retired u.s. army major general and fnc military analyst. general, merry christmas, thanks for joining us. >> merry christmas to you too, jaime. jaime: you have to become more concerned about syria at this point. have they crossed the red line and should we respond. >> first of all let's be clear that most initial reports are wrong. it could be what is used is white phosphorus which is not a chemical weapon, when it's dropped from an aircra
and scope of government in a way responsible to the voters of that midterm election. instead what we're almost certain to see is an expansion of government in the name of reintroducing it. we're likely to see much bigger government long term. we're not likely to deal with entitlement reforms as we need to do. as you suggest the president is pushing some short-term spending increases often in washington turn into long-term spending increases. gregg: but, steve, bill kristol, conservative, you know what, time to throw in the towel. you do not want to get blamed for raising taxes on 98% of americans. >> right. gregg: right? >> look, bill kristol is my boss and editor at "the weekly standard" and one of most handsome and well-regarded editors in the country as everybody knows. look, i think he was making what was, in effect a practical case. there are people who are making this case behind the scenes. you have seen, he said, get it over with. move beyond this. there are others saying absolutely not. republicans can't cave on the principle of raising tacks. i think interesting thing in wh
in western syria. witnesses say a government warplane dropped bombs on a bakery today where long lines of people were waiting just to get some bread. more than 100 people are dead now. i want to talk to cnn's mohammed j j jamjoon. >> reporter: it's horrific details that have emerged the past few hours since we first reported this bombing. activists tell us that around 3:00 to 4:00 p.m. local in syria today that this warplane dropped this shell on this bakery. they say that hundreds of people were lined up outside, that there had been shortages of food throughout the last week. this was the first day that that bakery that had been hit was open and that because of that, at least 100 people they say were killed. the video that we've seen posted online, we can't independently verify it, but it seems to be corroborated by what we've been told by activists. it shows an absolutely grisly scene, mangled bodies in the wreckage of the building and the rubble. you see rebel free syrian army soldiers and civilians trying to tend to the wounded, taking them to the hospital and pulling dead bodies o
and the government runs out of money. >> that's where i feel all the eyes are on capitol hill. saying you can't do this with the fiscal cliff. what a two months that will be. thanks so much for joining us. we appreciate it. joining me here in the studio with our first reads of the day, senior political editor mark murray. welcome. back and forth from the harry reid. we have congressional ping pong going on. you said it is time for house republicans to put middle class families first bypassing the senate's bill to protect 98% of americans on january 1st. the senate bill could pass tomorrow if the house republicans would lead it come to the floor. the house had two bills that collectively can avert the entire fiscal cliff if enacted. those bills await action by the senate. >> the classic ping pong gridlock and no way out. >> it's important to know how far we have come in the last seven days. a week ago we were closer than we had seen before on a particular deal. john boehner made a big concession allowing tax cuts to rise on income over a million dollars. president obama countered with a big concess
a archaic 1947 law, unless the new bill is passed by december 31st, the government will be forced to buy vast quantities of milk at twice the wholesale rate. two bills are in congress. the senate passed one for $23 billion in savings. the house is looking to enact 35 billion. the sticking point the full house of representatives hasn't approved the bill. >> the farm bill is like this low hanging ornament on the congressional christmas tree that if they just embrace it, they can automatically come up with tens of billions of dollars in budget savings. and then they can figure out where else they need to cut spending after that. >> reporter: the secretary of agriculture tom vilsack has said his department is preparing a case the permanent law comes into effect. temporary solution is to attach a farm bill extension to the fiscal cliff legislation. harris? harris: is there anything besides milk we need to be aware of? are we looking potentially at higher prices among many farming commodities for example? >> reporter: yeah. it is not just the cows. it is the crops too. it is possibility the go
democrats putting up votes to help make sure that we continue to fund the government, that we actually pay our bills as a government, that we find a balanced approach going forward. john boehner knows the votes from some of the republicans and some of the democrats can happen. and he's been unwilling to do that. >> do you think it's good -- >> it's hurting this country. >> is it good at this point in the process for harry reid to go on the senator floor and bash speaker boehner? does that not send a message this close to the deadline? >> he's trying to make it clear and i'm trying to make it clear that john boehner can't just say i'm not in there. of course, he is a player in this. if he does not work with the senate, work with the president and, again, the president has time and time again said we have some common ground here. if the republicans do agree, and they say they do, that they do not want to see tax rates go up on the american people, well, the president said let's make sure that we vote on that. 98% of americans can be protected from a tax increase. we can protect seniors under
to monitor them in the nefarious way. >> juan: this is the government. >> andrea: they are outing them like they have done something wrong. the same way you are carded if you buy allergy medication. symptom of greater disease. gawps you have a permit to own a gun. >> andrea: would you be comfortable if the address was out just mine is. >> andrea: writers of the journal news. >> juan: the guy wrote the article revealed he owns a gun. i am in the phone book. it neem the newspaper. >> kimberly: call me. >> juan: thank you. for all of us, there is a high degree of risk. one thing that greg says on the show that is true, we're guarded. people guard us. that is not the issue. i'm not anti-second amendment but be realistic. there is a public safety issue with people access to guns. >> eric: you have it backwards. >> juan: thank you. >> eric: if you took the country and did the same thing on the map of the country the safest places to live with the places with lots of dots not with no dots. >> juan: you are wrong. >> eric: i'm not. >> juan: i live in urban america. 34 people a day die from gun inju
to cut elsewhere. >> reporter: without new legislation, government price supports for milk will revert to 1949 levels. back then, the process was more laborious, and farmers needed a higher subsidy to cover their costs. dan summer, professor of agricultural economics at the university of california davis, says the new price of milk will be far above what it now costs dairy farmers to produce it. >> it really will be just chaos. nobody really knows how to act. >> reporter: so we would go back to this old farm bill, which would force the government to buy milk at an extremely high price. >> that's right. >> reporter: this could be a windfall for dairy farmers. >> here's the problem for dairy farmers: they don't want chaos in the milk market. it sounds good-- "gee, everybody will double or triple the price"-- but how much milk would people buy at that price? >> reporter: nobody will pay it. >> nobody will pay it. >> reporter: shoppers for milk today couldn't understand why congress can't at least solve this problem. linda vella: >> they all need to be fired. and if we want to continue to
geithner says the government will hit the debt ceiling on monday and he is launching an emergency plan to avert a crisis. amm eamon javers is live. what do we know? >> the president is coming back early, a couple days earlier than his vacation. did a little bit of jogging, working out in the gym over his vacation. now he will be,ing would out on this fiscal cliff. the senate is coming back and the house of representatives is going to have a conference call for all republicans later on today and then yesterday, we saw the secretary of the treasury, tim geithner, announced the $16.4 trillion debt limit is going to be reached by monday, that was a little bit surprising to people who haven't been following this kind of thing and raises the stakes for the fiscal cliff end game because the white house had wanted a debt ceiling deal as part of the overall deal here on the fiscal cliff. republicans have been resisting that by announcing the debt ceiling limit will be held on monday, ratchets up the pressure to include the debt ceiling piece in the final package, whatever that may be, but still
said the government will blow through the borrowing limit that congress set in 2011. he warned the window to act is narrow or else a treasury could default. in washington, lisa will walk us through. first, let's explain what exactly the debt limit is and it sounds like maxing out a credit card, but not precisely so. >> that's right. it is not like maxing out your credit card. we are going to make it as interesting as possible. it is important. the debt limit is not like maxing out your credit card. this is money we spent as a nation. this is a lot more like buying a house. committing to a $200,000 house and signing the papers and imposing a rule on yourself that you can only borrow $100,000. you need $200,000 and you spent the money, but you have the cap that you imposed on yourself. that's what the debt limit is. we will look at where we are with this handy graphic. the debt limit is $16.394 trillion. where are we now? we are at 16.337. we are just under the limit. almost reached our capacity. >> getting that far, it's our own fault and putting ourselves in this predicament. o
fiscal cliff deal. meantime, treasury warns the government will hit its legal borrowing limit by monday. it's thursday, december 27th, 2012 and "squawk box" begins right now. >>> good morning and welcome to "squawk box" here on cnbc. i'm andrew ross sorkin along with joe kernen. becky continues to have the day off today. our guest host today is bob broska. house speaker john boehner urging the senate to come up with a passable fiscal cliff solution. he's promising to at least consider any bill that the upper chamber produces. senate majority leader harry reid now expected to base any legislation on a bill passed earlier this year to continue tax breaks for households will incomes below $250,000. a senate bill would likely contain an extension of expiring unemployment benefits. and the other big news of the morning, treasury secretary tim geithner unveiling a plan to buy time under the debt ceiling. in a letter to congress, geithner saying that treasury is going to begin taking steps this week to delay hitting the government's 16$16.4 trillion borrowing limit. treasury will tak
's government unleashes its most sophisticated weapons of the war. missiles from iran. we'd like to welcome our viewers here in the united states and around the world. wolf blitzer is off today. i'm candy crowley and you're in "the situation room." >>> i want to begin with a crisis you probably don't know is coming and, of course, is just about to hit. barring a last minute deal, union dock workers at more than a dozen major ports will go on strike this weekend. meaning just about everything we buy, from clothes to cars, can't be unloaded. the strike would impact 14 port along the eastern seaboard in gulf coast, including the port of baltimore and that's where we find cnn's brian todd live. the potential impact of this is pretty big. >> reporter: it's huge, candy. right here, this is one of the most crucial ports for commerce in this region. the sieger terminal. you can see massive container ships sitting in port. this is the port terminal with the bustling operations, containers still being moved in and out of here by a truck that are being offloaded from the ships here at the terminal. about
geithner has warned congress hat u.s. will reach its debt ceiling on monday. that is when the government reaches its legal borrowing limit. now, this could pose a bigger threat to the nation's credit rating than the fiscal cliff. treasury can keep the government operating for a few weeks using emergency measures, but congress needs to act on this too to avoid a full-blown debt crisis. alina cho. joins us with the ret of the top stories. >>> former president george h.w. bush remains in intensive care in a houston hospital with an elevated fever. he is on a liquid diet an his condition is listed as guarded. his spokesman quotes him as saying i'm determined not to be dprumpy with all of this. >>> toyota has agreed to pay up in a major way, $1.1 billion to settle a class action suit over sudden acceleration issues. under the deal toyota will install a brake override system in effective cars. it will also set up a fund of $250 million for former toyota owners who sold their cars from september of 2009 through all of 2010. that money would compensate owners for their car's reduced value becaus
to trim the size and scope of government, whether it was the bush tax cuts a decade ago or whether it was the debate over the debility ceiling just over a year ago is going to likely end up as an effort to expand the size and scope of government. that's something that can only happen in washington. >> eric: both of those guys make very good points. a lot of people are asking why would you say go over the fiscal cliff? i have a lot to lose if we go over the fiscal cliff. my taxes would go up. i'm heavily invested in the stock market. it will probably take a big hit. but in the long run, the only way to solve america's debt problem -- we have a debt problem. we have a very bad debt problem. we're on our way to $20 trillion in debt, maybe 25 in the next five to ten years. the only way to fix that is go over the fiscal cliff 'cause clearly democrats don't want to cut spending. they'll have to be forced into that and the only way that happens is hit the sequestration, the things that the fiscal cliff will bring of the that's why. i'll take the medicine, the pain now for a healthier econ
, but public policy makers, people who are in government need to look after public employees whether they're firefighters or teachers. and these kinds of weapons -- we're talking about urban situations as well. there's no argument, not a hunting argument, not a self-protection argument for this kind of weapon. and i think that's where the political debate is going to go shorply when it comes to assault weapons. >> if you go with lapierre about arming our teachers and schools, we should arm firefighters. where does it end? >> which no firefighters would want. and how are you supposed to check as well in a firefighter situation what the mental state of the person you're trying to rescue is? it makes no sense at all. and again, if you are leading, you're an executive in government you have to look at our employees as well. >> one of the things that struck me about the press conference and on meet the press, is the number of factual errors from lapierre. we're going to look at this and talk about it on the other side. >> killers, robbers, rapists, gang members, violent crime is increasing aga
branches of the government not willing to make the deal they know they have to make. everybody wants to play the blame game. this is about to put us over the edge. >> perry, i want to start with you. if perception is reality and the blame is going to matter to somebody, which side is it really going to matter to? ivities the blame is on both sides. what's driven this whole process is republicans are very opposed to -- just the republicans who will vote for any tax increase. we learned last week from the plan b vote. once we go over the cliff, republicans are ready for a tax cut, not an increase. right now that's what the big challenge is. >> chip, is that the biggest strategy here, get to the third and pass the third, the new congress comes in, boehner danger doesn't exist anymore, his speakership stays in place and grover norquist gives a thumbs up to up? >> i don't think that was the strategy a week ago. i think the speaker was trying to put the deal together, as we've seen the senate not -- i think that may become the strategy. i've always thought they would wait until the last ho
the government down if you remember in 2011. they didn't care. the president compromised. we finally came up with a deal. when we came to the debt ceiling. and beginning to pay our bills. and continuing to pay our bills. they didn't really care. i think that's what they were set out to do. to close the government. we are in a season where we need to act. >> you, congressman -- >> on something concrete. >> i didn't mean to interrupt you there but it sounds like you think it's a deliberate attempt to take the economy, the government. >> yeah. 55. the tea party members. not john boehner. john boehner's allowed himself to be captured by the fellows. he is above and beyond that. i think he's basically trying to do the right thing but he can't get a vote out of his own party for his own legislation. who does he turn to? the president of the united states? more worried about getting a proposition from the president to turn down then what proposition is he talking about? i think the president has been more than willing to compromise and the democrats in the house of representatives. we need 30 votes
here that the federal government has emerged as one of the most potent factor driving income inequality. what do you mean? >> this has to do with the first story in the series, which is about tax equality. we did find the bush era tax cuts and sort of increased incomes at the top, that was a factor in reducing inequality, so it can be something that the government can do to mitigate. we tried to look at data in our series. we didn't want to be partisan about this. one factor that can help is tax policy, but the broader issue is jobs. people at the top are earning much more than they ever have. >> talks to that point about tax policy, the numbers out there, is it 250,000? is it 400,000? what is the threshold that would help to flatten this issue of income inquaet, be more progressive, perhaps? >> i think it would help to, at the top, to increase the rates. i think there's a need for training. we looked at two states along with washed. we looked at massachusetts and indiana. it's a skills economy. the manufacturing jobs where a high school graduate could sort of get a debt well-pays jobs
majority leader harry reid now saying that it appears that the government will miss the deadline for avoiding the fiscal cliff. so what will that mean, and how will america respond come january 1st? gregg: new developments in the investigation into the deadly connecticut school shooting. jenette sises have been asked to study the gunman's dna. what can they learn about it? gregg: severe weather alert. winter warnings in effect as a brutal storm is sweeping through the u.s. it brought massive amounts of snow and even tornados to parts of country and claimed at least 15 lives. illinois was no exception. major problems on the roads as snow and sleet pounded the area, forcing some businesses to remain closed. maria molina is keeping an eye on the storm from the extreme weather center. we're going to get the latest, top of the hour. >> new year's eve is fast approaching and for decade and decade the american people have watched the ball drop in times square. it is the countdown to midnight, the start of a new year. but this year, mr. president, the american people are waiting for the
. in january the supreme court ruled that before the government places a gps tracking device on your vehicle it has to get a search warrant. four months later it said that children conceived through in-vitro are not automatically entitled to benefits after the death of a parents. what the court could look like from here. doug burns a former federal prosecutor and criminal defense attorney. and john manweli, a former criminal defense attorney. waoepl mawaoepl may not influence that the high court cases influence people practicing law day-to-day. doug -rpbgs tel tell me your thoughts on the healthcare. >> a lot of the people ran out of building saying it's been struck down. it was struck down on commerce clause grounds and the necessary and proper clause grounds. jaime: it had to be. >> there it was on page 10 that it was being upheld as a tax which i agree w. the long and short of it was it's the same analysis that we rendered all yearlong. it's 2700 pages long, i'm not sure anybody understan understands. i asked a friend of mine who is a physician can you tell me what is in the health code.
representative, especially their congresswoman to really push hard against the mexican government for an early release. their goal was to get him home by christmas, and they've achieved that goal. heather, back to you. heather: we are glad they're going to spend the holiday together. thank you very much. and a little background, by the way, on john hammer's arrest. it was august 13. he was enroute to costa rica with a friend when he was detained by mexican customs who claimed that he had an incorrect permit for an antique rifle that he had in the his possession. well, the friends that he was traveling were -- with were also detained but released shortly after. four months later on december 17th, the first photo was anonymously e-mailed to his father. two days ago hammer was released when a mexican judge ruled in the his favor, and he was then driven across the border into texas. that same night his father anxiously waited for him. john hammer spent a total of 132 days behind bars. gregg? ♪ gregg: an american contractor working in afghanistan has died in what could be the latest insider attac
and the president was elected overwhelm lig. so the politics are over. now we're trying to govern the country and i think that's, at least in the house. >> congressman, i got to speak with you twice over the last several days. i appreciate your time. >> you, too. >> this video just in from the scene of a fire in the rochester, new york area. it's reported two firefighters were shot after responding to a large fire at 6:00 this morning. they encountered gun fire as they were getting out to the fire and immediately retreated. one firefighter was shot in the buttocks and is reported to be in satisfactory condition. it's believed that three houses and one vehicle are involved in that fire. residents in the area have been asked to stay in their homes away from windows and doors. we'll keep you up to date on that story. >> over the river and through the woods, no matter how you're getting to grandma's house, we have the update on the holiday rush and the trouble spots. and a republican senator in trouble with the law. u have to. only citi price rewind automatically searches for the lowest price. and if i
. and you'll notice that when employer gets to around the adjusted withholding, the government spending cuts, those are also scheduled for january 1st and bound to slow the economy and some argue they'll weaken the military. congress has seen this coming, but an effort to limit the damage failed last week. republican house speaker john boehner could not persuade enough members of his party to let tax rates rise on incomes over a million dollars while sparing everyone else. dana bash is our senior congressional correspondent. dana, this time tomorrow, the president is supposed to be back, having cut his trip to hawaii short, the first lady, the girls are staying in hawaii. the senate is supposed to convene, but not necessarily the house. what is going to happen? >> reporter: well, we're not really sure. in fact, house republican leaders are having a conference call, i'm told, as we speak, to figure out that very question. they told their members that they would have 48 hours notice before they reconvene the house and so at the earliest, that would be on friday. but, you know, the action reall
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